Yes, there’s still time. 3 things you need to know about the Paycheck Protection Program

With so many news outlets available, it can be hard to keep up to date and know what sources are most reliable, especially when it comes to the ever-evolving disaster relief funds. Here is the latest information from the U.S. Small Business Administration (SBA) on the Payment Protection Program (PPP), and the top three things you should know.

  1. More than $130 billion in PPP funding—with greater flexibility—is currently available. 

Are you a small business, independent contractor, nonprofit, or tribal business impacted by COVID-19? There are still funds available for you to access, and now with greater flexibility. The Paycheck Protection Program Flexibility Act has extended the allotted time to spend the loan from eight to 24 weeks, with an increased percentage allowed for non-payroll expenses.

Learn more about the new PPP flexibility and upcoming procedures, RIGHT HERE.

  1. The new extended application deadline for PPP loan approval is June 30, 2020.

Although there have been many changes regarding relief funding legislation, one thing remains the same. June 30, 2020, is still the last day that an application for a PPP loan can be approved. Don’t waste any time in finding a PPP lender, the SBA is responding quickly as well.

If you already have a local bank that serves your business, we encourage you to contact them first. Or, find a lender HERE, or download a copy of the PPP application form, RIGHT HERE.

  1. Need help? There are SBA Resource Partners ready to help you with the entire process.

The PPP application and loan forgiveness process can feel intimidating. Individuals from the SBA Resource Partner Network area available to guide you through from start to finish via webinars, phone calls, and even virtual meetings. These business advisors will even work with you on recovery plans.

Get connected to an Advisor, or browse additional Federal Resources for small businesses, RIGHT HERE.

Looking for additional help or resources? The NIIC can help! Contact us at TheNIIC.Org/lets-talk.


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